Investment to Accelerate Development of New Treatments
Cumulus Oncology, a biotech creation studio and drug discovery accelerator in the field of oncology, has secured £9 million in seed financing. This funding round was led by Eos Advisory, an existing investor, and saw participation from the Scottish National Investment Bank.
Disruptive Business Model: Creation of Spin-Out Companies
The unique business model of Cumulus involves the creation of spin-out companies. The firm concentrates on areas in biology with robust scientific validation and is leading the way in developing new therapeutic options for cancer patients. Founded in 2017, Cumulus expedites the process of getting treatments into clinical trials for types of cancer that are resistant to existing procedures.
Seed Financing to Support Growth and Expansion
The seed financing will be utilised to support the company’s growth, broaden its portfolio, and speed up the development of new treatments from discovery to clinical proof of concept. Cumulus’s first venture, Nodus Oncology, is actively involved in two innovative oncology drug discovery programmes in the DNA damage response (DDR) field. An additional undisclosed company is expected to be launched in early 2024, with more projects in the pipeline.
Translating Strong Science into Clinical Trials
“The business model enables only the strongest science to be translated from discovery into clinical trials,” stated Clare Wareing, founder and CEO of Cumulus Oncology. “Our portfolio approach aims to increase the ultimate success rate in cancer therapy development, which currently remains unacceptably low. It also offers an alternative approach to the de-risking of early-stage oncology investment.”
Eos Advisory: A Hands-On, Early-Stage Growth Investor
Eos Advisory, the leading investor of this round, is a proactive, early-stage growth investor. In 2020, Eos led a £1.7m investment round for Cumulus and once again in 2022, leading a £4.1m funding round. Andrew McNeil, managing partner of Eos, spoke about their continued support for the Scottish company, praising the Cumulus approach and their track record in the market.
Scottish National Investment Bank Joins the Round
The Scottish National Investment Bank, an independent organisation focusing on commercial returns and mission impacts through investments, is participating for the first time in this funding round.
